Bitfarms appoints new directors to thwart Riot Platforms' hostile takeover

ChainCatcher news, according to Cointelegraph, Bitcoin mining company Bitfarms has appointed Fanny Philip as an independent director to thwart a hostile takeover by Riot Platforms.

Previously, Riot Platforms proposed to acquire all shares of Bitfarms at $2.30 per share but withdrew the proposal due to difficulties in cooperating with the current board. Riot currently holds 14.9% of Bitfarms' shares and is attempting to increase its stake to over 15%, but has been blocked by the board. Philip's addition makes four members of the Bitfarms board independent directors, while the three new directors proposed by Riot are completely independent of both Riot and Bitfarms.